Fairly popular mobile service provider in the country, Idea Cellular, recently acquired Spice Mobile, another popular player in the Indian mobile service provider market. However, a report in The Times of India stated that Idea Cellular apparently did not disclose all of the details of their deal to acquire Spice and hence the Delhi High Court has slapped a fine of whopping Rs. 1 crore on Idea.
Furthermore, the Delhi High Court has also asked Idea Cellular to seek prior permissions from the Telecommunications Ministry, before it proceeds with the transfer of six telecom licenses, which it gained as an outcome of its deal with Spice. Idea, however denies accepting that there was any glaring error in its actions, and that it would appeal against the HC order. In a statement, Idea stated that, “Idea stands upright, has not suppressed anything at all, let alone willfully, and will appeal for what it believes is right.”
Published Date: Jul 05, 2011 01:28 pm | Updated Date: Jul 05, 2011 01:28 pm